The loan account of the Department at present stands as follow:
Tis. Paid off to 2ist al Ts. Saal Dec., 1898. mee—still owl In addition to above payment of Ts.
000 the following amounts stand to the credit of the Department in the Bool Balance from 1897
Tuterest. on deposits, Working account balance Total credit...... Tls. 36,409.54
Deducting this total credit from 210,000 gives 178,590.46 as being the total indebtedness of the Department at the end
to purchase the Council's plant and undertaking, and supply electric lighting throughout the whole of the English and American Settlements on the. followin terms 1.—They will pay in cash the full amount of the Council's indebtedness relating to the Electric Lighting Department, less the balances standing to the credit of working account and interest on deposits up to the time of the signing of this Contract.
2.—They will replace the plant now in use which is of no value, being thoroughly out of date, by modern plant with all the Latest improvements and capable of supplying electric light and power throughout both Settlements; they will give a continuous 24 hours' service and place the are lighting on a thoroughly satisfactory basis which it is not at present.
3.—They will take over all_contracts and agreements (including Mr. Nelson's Agreement) entered into by the Council for the supply of electricity and material provided, however, tha shall not be respon: breaches of contr which the chance have committed or be prior to the said contracts "ind agreements. bein en over by the new Company.
Sir Charles Ross shall be supplied by the Council with copies of all such contracts and agreements before the sign of the Contract.
4.—The rate of exchange at the time when this Contract is completed, shall over the maximum rates charged by the new Company for lighting, ete. unoil shall vest all its powers eyes relative to the supply of throughout the two Settlements and their extensions in Sir El Ross, on behalf of the new Company, and further the Council wi in the future, tax the Company's plant, and will hind itself ko not less than the present number are lamps which it now takes.
Text read from the printed page and cleaned; old type leaves the occasional error.